KAZAN, May 20 (RIA Novosti) - A nonresident stake in the capital of Russia's state-controlled foreign trade bank Vneshtorgbank (VTB) reached 12% after an initial public offering (IPO), First Deputy Chairman of the Central Bank of Russia Alexei Ulyukayev said.
A foreign stake in state-run retail savings bank Sberbank totaled more than 21% after the bank's share offering, Ulyukayev told a business forum organized by the European Bank for Reconstruction and Development in the capital of the Volga republic of Tatarstan.
VTB floated 1,513 billion newly issued ordinary shares in the global offering, representing 22.5% of its enlarged share capital and implying a post offering market capitalization of $35.5 billion, the bank earlier said.
VTB, which floated 65% of its global offering in London and 35% in Russia, intends to use the proceeds largely to support the ongoing expansion of its business, including the expansion of its retail banking operations in Russia, the bank said.
After the global offering, the Russian government's stake in VTB will drop from 99.9% to 77%.